Toronto Dominion Bank Raises Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Toronto Dominion Bank increased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 3.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 308,684 shares of the semiconductor company's stock after purchasing an additional 10,560 shares during the period. Toronto Dominion Bank owned 0.06% of Microchip Technology worth $17,703,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in MCHP. Sanibel Captiva Trust Company Inc. grew its stake in shares of Microchip Technology by 16.0% in the fourth quarter. Sanibel Captiva Trust Company Inc. now owns 5,311 shares of the semiconductor company's stock valued at $305,000 after buying an additional 732 shares in the last quarter. Clarius Group LLC boosted its holdings in Microchip Technology by 11.5% in the 4th quarter. Clarius Group LLC now owns 4,298 shares of the semiconductor company's stock worth $246,000 after acquiring an additional 442 shares during the period. Ellsworth Advisors LLC grew its position in Microchip Technology by 4.4% in the fourth quarter. Ellsworth Advisors LLC now owns 30,878 shares of the semiconductor company's stock valued at $1,771,000 after acquiring an additional 1,305 shares in the last quarter. Ballentine Partners LLC raised its stake in shares of Microchip Technology by 10.2% during the fourth quarter. Ballentine Partners LLC now owns 4,713 shares of the semiconductor company's stock valued at $270,000 after purchasing an additional 437 shares during the period. Finally, Perpetual Ltd purchased a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $17,811,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the transaction, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. This represents a 10.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 2.10% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on MCHP shares. Citigroup lifted their price target on shares of Microchip Technology from $50.00 to $55.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Stifel Nicolaus lifted their target price on Microchip Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Evercore ISI increased their price target on Microchip Technology from $65.00 to $71.00 and gave the company an "outperform" rating in a report on Tuesday, March 4th. Morgan Stanley lifted their price objective on Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $70.00 target price on shares of Microchip Technology in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $67.42.

Microchip Technology Trading Down 1.0%

Microchip Technology stock opened at $60.57 on Tuesday. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $100.57. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $32.63 billion, a price-to-earnings ratio of 108.16 and a beta of 1.42. The firm has a 50-day moving average price of $47.68 and a two-hundred day moving average price of $55.68.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The company had revenue of $970.50 million for the quarter, compared to analysts' expectations of $962.86 million. During the same quarter in the previous year, the company posted $0.57 earnings per share. The business's revenue for the quarter was down 26.8% compared to the same quarter last year. Sell-side analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date is Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is -18,200.00%.

Microchip Technology Company Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.

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